Which of the following examples is elastic but not perfectly elastic?
a. When milk is discounted by 10 percent, sales increase by 20 percent.
b. When corn is discounted by 2 percent, sales increase by 100 percent.
c. When HD televisions are discounted by 3 percent, sales increase by 200 percent.
d. When motorcycles are discounted by 5 percent, sales increase by 500 percent.
a. When milk is discounted by 10 percent, sales increase by 20 percent.
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In the above figure, at point a what is the opportunity cost of producing one more audio tape?
A) 1 video tape per audio tape B) 2 video tapes per audio tape C) 14 video tapes per audio tape D) There is no opportunity cost.
The worldwide trend is for populations to be increasingly:
a. Mobile and urban b. Insular and stay at home c. Spread out rural to seaside d. Northern moving because of global warming
_________________ —a term describing a good in which the quantity demanded falls as income rises and in which quantity demanded rises and income falls.
a. Complement good b. Inferior good c. Normal good d. Superior good
Deflation can render monetary policy powerless
a. True b. False